Rise in Aging Population Continues to Drive Global Demand for Social Alarms, According to New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive global report on the Social Alarms markets. Global market for Social Alarms is projected to exceed US$2.7 billion by 2018. Aging population qualifies as the leading factor catalyzing the market for Social Alarms. Moreover, shifting trend towards home based healthcare, increase in average life expectancy, along with active participation from both public and private quarters for care of the elderly comprise the other factors spurring market growth.

Social Alarms: A Global Strategic Business Report

San Jose, California (PRWEB)August 22, 2012

Follow us on LinkedIn – The amalgamation of technology and medical science has brought forward many milestones in the field of healthcare in the last few years. Social alarm is one such revolutionary invention among many others that has facilitated the provision of medical aid to people, particularly in times of emergency. A social alarm device can be worn as a pendant or a bracelet, which the user presses when in an emergency. The target market for social alarms primarily includes individuals with age-related or medical conditions living alone at home for longer durations of time. About 70% to 80% of the aged population across the world prefers to live an independent life rather than depending on caregivers, a fact reflecting huge market potential for social alarms to expand in the future. Social alarms enable older and vulnerable people to lead an independent life through reassurance and constant monitoring. Hospitals and other healthcare centers also provide the impetus to growth in social alarm market as provision of social alarm services prove to be highly cost-effective for healthcare organizations. Further, the integration of telecommunications and information technology is propelling a shift in provision of healthcare services from conventional hospital units to social care providers. This indicates a strong business opportunity for manufacturers of social alarm systems.

The United States represents the largest market worldwide, as stated by the new market research report on Social Alarms. Although on a growth trajectory, the US market for social alarms remains fraught with its share of challenges. Factors such as high cost of devices, signal interference or range limitations in social alarm services along with lack of awareness regarding the benefits of social alarms are the major deterrents obstructing the full-fledged acceptance of social alarms among general masses. Europe is one of the very few markets with strong Government funding for social security and overall well-being of its citizens. Further, the ongoing demographic transition in Europe towards an aging population coupled with changes in society and value systems present considerable socio-economic implications. The widening ratio of retired people to working individuals is further propelling the adoption of telecare and social alarms for providing effective care to the elderly.

As the usage of emergency alarms is mostly centered towards the aged population, ease of use becomes a highly critical factor for manufacturers while designing a social alarm component. Such devices at times prove to be a tad complex to use in times of emergencies by the end users. Speech trigger systems that involve simple oral commands bring in some respite in such situations. In future, ergonomic is expected to a play a crucial role in improving the adoption of the social alarm devices among aged population. The market for mobile social alarms is fast entering the mainstream market and is all poised to become an important segment of the social alarms’ market in the near future.

The research report titled “Social Alarms: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of trends, issues, strategic industry activities, and profiles of major companies worldwide. The report provides market estimates and projections in US$ Million for global and regional markets including the US, Canada, Japan, Europe, and Rest of World.

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.